Dividend comparison
QUAL vs USMV: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares MSCI USA Quality Factor ETF and iShares MSCI USA Min Vol Factor ETF, side by side. Updated October 21, 2026.
QUAL vs USMV: key differences
The short answer, from the latest data on this page.
- Fees. Both charge about 0.15% a year, so cost is not what separates them.
- Income. USMV pays more income, yielding 1.38% over the last twelve months versus 0.84% for QUAL. That is about $54 more a year on $10,000. Both pay quarterly.
- Performance. Over the last 5 years, QUAL returned 71.5% versus 42.3% for USMV, with dividends reinvested. $10,000 would have grown to $17,151 in QUAL and $14,229 in USMV.
- Risk. QUAL has been the bumpier ride. Its worst peak-to-trough decline over the last 5 years was -28.2%, against -17.9% for USMV.
- Diversification. USMV holds 174 positions and QUAL holds 118. The ten largest positions make up 45.1% of QUAL and 15.1% of USMV.
- Overlap. At least 30% of the two portfolios overlap by weight, across 42 shared holdings.
- Dividend growth. USMV grew its yearly payout 8.2% a year over the last 4 years, versus 1.6% for QUAL.
- Size. QUAL is the larger fund with $48.6 billion in assets, against $24.0 billion for USMV.
Bottom line: QUAL fits better if you care most about stronger 5-year returns. USMV fits better if you care most about more income today, smaller drawdowns and faster dividend growth.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | QUAL iShares MSCI USA Quality Factor ETF | USMV iShares MSCI USA Min Vol Factor ETF |
|---|---|---|
| Dividend yield (TTM) | 0.84% | 1.38% |
| Dividend / share (TTM) | $1.89 | $1.41 |
| Payout frequency | Quarterly | Quarterly |
| Last dividend | $0.4727 on Sep 18, 2026 | $0.3282 on Sep 18, 2026 |
| Ex-dividend date | Sep 15, 2026 | Sep 15, 2026 |
| Dividend growth (CAGR) | 1.6% over 4 yrs | 8.2% over 4 yrs |
| Price | $225.69 | $102.32 |
| Dividend growth streak | 2 years | — |
| Beta | 0.90 | 0.48 |
| Max drawdown (5Y) | -28.2% | -17.9% |
| Market cap | $48.40B | $23.79B |
| Exchange | CBOE | CBOE |
| Expense ratio | 0.15% | 0.15% |
| Assets under management | $48.61B | $24.00B |
| Number of holdings | 118 | 174 |
| Top 10 concentration | 45.1% | 15.1% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
QUAL
$6.98/mo
$84 /yr at 0.84% yield
USMV
$11.49/mo
$138 /yr at 1.38% yield
Dividend history
Total dividends paid per share in each calendar year. QUAL pays quarterly; USMV pays quarterly.
| Year | QUAL | USMV |
|---|---|---|
| 2025 | $1.8588 | $1.4021 |
| 2024 | $1.9073 | $1.4869 |
| 2023 | $1.7090 | $1.4177 |
| 2022 | $1.8144 | $1.1700 |
| 2021 | $1.7441 | $1.0230 |
Strategy: Factor and momentum
Rules-based funds that tilt toward a single trait linked to long-run returns, such as momentum, quality or low volatility. Momentum funds rebalance into recent winners, quality funds favor high profitability and strong balance sheets, and low-volatility funds pick the steadiest stocks. The same label can hide very different rules, so the index methodology matters more than the name.
Factor tilts go through long dry spells, and momentum funds can turn over quickly and get caught out when market leadership changes.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 20, 2021 would now be worth $17,151 in QUAL and $14,229 in USMV.
| Period | QUAL | USMV |
|---|---|---|
| 1 month | 2.97% | 3.99% |
| 3 months | 4.25% | 5.92% |
| Year to date | 14.32% | 8.67% |
| 1 year | 16.43% | 8.14% |
| 3 years | 76.89% | 47.54% |
| 5 years | 71.51% | 42.29% |
- QUAL
- USMV
Both series indexed to 100 on 2021-10-20 using the adjusted closing price series. Past performance does not guarantee future results.
Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
- QUAL
- USMV
QUAL vs USMV holdings overlap
At least 30% overlap by weight, with 42 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
| Largest shared holdings | QUAL weight | USMV weight |
|---|---|---|
| MSFTMICROSOFT | 8.05% | 1.65% |
| XOMEXXONMOBIL HOLDINGS CORP | 2.45% | 1.56% |
| BRK-BBERKSHIRE HATHAWAY INC CLASS B | 1.88% | 1.49% |
| NVDANVIDIA | 6.20% | 1.49% |
| JNJJOHNSON & JOHNSON | 2.00% | 1.39% |
| MRKMERCK & CO INC | 1.35% | 1.41% |
| MAMASTERCARD CLASS A | 2.40% | 1.32% |
| VVISA CLASS A | 3.41% | 1.07% |
| TJXTJX | 3.65% | 1.01% |
| AAPLAPPLE | 7.22% | 0.97% |
Top 10 holdings
Largest positions by portfolio weight.
QUAL118 holdings total
Quick verdict
QUAL fits better if you care most about stronger 5-year returns. USMV fits better if you care most about more income today, smaller drawdowns and faster dividend growth. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
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Frequently asked questions
Is QUAL or USMV better for dividend income?
It depends on your goals. QUAL currently yields 0.84% Trailing Twelve Months (TTM) while USMV yields 1.38%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between QUAL and USMV?
iShares MSCI USA Quality Factor ETF (QUAL) is an ETF listed on CBOE. iShares MSCI USA Min Vol Factor ETF (USMV) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, QUAL or USMV?
They cost about the same: QUAL charges 0.15% a year and USMV charges 0.15%.
Which has performed better, QUAL or USMV?
Over the last 5 years, QUAL has the higher total return with dividends reinvested: QUAL returned 71.5% and USMV returned 42.3%. Past performance does not predict future returns.
Which is riskier, QUAL or USMV?
Measured by the worst peak-to-trough decline over the last five years, QUAL has been riskier: QUAL fell as much as 28.2% and USMV as much as 17.9%. Their betas are 0.90 and 0.48.
How much do QUAL and USMV overlap?
At least 30% of the two portfolios overlap by weight, across 42 shared holdings. The largest shared positions are MSFT, XOM, BRK-B. Holding both still adds meaningful diversification.
How often do QUAL and USMV pay dividends?
Both pay quarterly. The most recent payments were $0.4727 for QUAL and $0.3282 for USMV.
How much income does $10,000 in QUAL vs USMV generate?
At current TTM yields, $10,000 in QUAL would generate roughly $6.98 per month ($84 annually). The same amount in USMV would produce about $11.49 per month ($138 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both QUAL and USMV?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare QUAL vs USMV with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how QUAL and USMV fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.
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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.